Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 11, 2025

Purpose:

Content: The Cabinet considered a report of the Director of Corporate Services and Chief Finance Officer, which sought to outline the robustness of the budget, the key risks and the level of reserves to support the Council’s financial resilience.   The report author was in attendance to present the information and to address the questions and the comments of the Cabinet Members.   Resolved: 1.    That the report be considered prior to the approval of the Revenue and Capital Budgets, and the approach to General balances and Reserves as included in the report be endorsed; 2.    It be noted that the General Fund Balances will increase to £17m for 2025/26, rising to £20m by 2026/27.   Reason for decision: In order to comply with the Local Government Act, the Chief Finance Officer was required to provide Council with an opinion as to the robustness of the Budget being presented to Council and to ensure the adequacy of general balances and reserves. The Chief Finance Officer reported formally on the following issues: An opinion as to the robustness of the estimates made and the tax setting calculations; The adequacy of the proposed financial reserves; Consideration of the overall affordability of the capital programme when determining the prudential indicators; The production of longer-term revenue and capital plans. The Council would be required to take account of this report when determining its budget.   Alternatives considered and rejected: As the statement was a requirement of the Local Government Act 2003, there were no other feasible alternatives to consider to be compliant.   The conclusions of the report were that the proposed budget was robust; risks of growth in demand led services had been included within the figures. The proposed level of general balances and reserves were adequate and at a level that supports the Council’s longer term viability.